Update 05/17: A YouTube spokesperson confirmed Canadian pricing to iPhone in Canada via email, noting "pricing for Canada is the same as the United States, but in CAD - so it will be $9.99 CAD for Music, $11.99 CAD for Premium".

The new YouTube Music is a music streaming service that combines music listening with the magic of YouTube:making the world of music easier to explore and more personalized than ever. Current users of Google Play Music will be converted to YouTube Music and current users of YouTube Red will convert to YouTube Premium and will retain the $9.99 price point.

San Francisco:YouTube is rolling out a new service "YouTube Music" on May 22 to separate the music and film components on the Google-owned video-sharing platform.

At the moment, Red subscribers can pay $14.99/month so that six members in a household can access ad-free content, background playback, and offline downloads.

In addition to YouTube Music Premium, Google is re-branding YouTube Red as YouTube Premium. Good news is that if you have a Google Play Music subscription, you will get YouTube Music Premium membership as a part of your monthly subscription.

YouTube will also launch a free, ad-supported version of YouTube Music.

What the hell is YouTube Music, you ask? So basically it's YouTube Music Premium + ad-free videos (and a few other perks) for an extra couple of bucks each month.

The mobile app and desktop player will provide similar functions to competitor Spotify, offering users a personalised home screen which adapts to provide recommendations based on listening history.

The news sent stocks of music streaming companies Spotify and Pandora lower by about 2 percent on Thursday morning. The Premium service will be available for $9.99 a month if you want only YouTube Music and $11.99 if you want both video and music content. Recently, Cobra Kai was the most watched show on any streaming service and it just announced a new AI docu-series starring Robert Downy Jnr.

YouTube Red customers are moved to YouTube Premium automatically once YouTube Premium becomes available. The service will be launched in other countries including Canada and the United Kingdom soon. So does Google Play Music.